Abstract: The second board is an important part of the multi-level capital market of China and the station for Chinese small-and-medium enterprises to absorb investment.The second board market is full of different kinds of risks like the main board market of securities. Taking the legal system and measures of supervision and management on the risks of overseas second board markets as the reference,this article objectively analyzes and evaluates the risks existing in the second board market which are suitable and feasible in China.